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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 33071
Experience:  12+ yrs. of experience including real estate law.
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I am a resident of IN Husband owned a campsite in FL when we

Customer Question

I am a resident of IN
Husband owned a campsite in FL when we married in 1999. He passed away in 2004. Property was willed to me. I paid off property off in 2004 (after his death). I sold the property in Feb 2016. My question is do I have a capital gains tax obligation?
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  P. Simmons replied 8 months ago.
Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to helpYou would, potentially, have a "Capitol gain"...IF the property was worth more when you sold it in 2016 than when you inherited it in 2004? That difference would be the "gain"and you would need to declare and pay tax on that gain when you file your taxes next year. ON the other hand, if the property was not worth more than when you inherited? Then there is no gain...and no tax to pay.Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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